Comparative analysis of financial performances of energy companies traded on the stock exchange using multi-criteria decision-making techniques

The energy sector is seen as a key factor for economic growth and industrial development. Comparative analysis of the financial performance of companies operating in the energy sector reveals a number of important conclusions. These analyses have the potential to help investors optimize their portfolios, company managers improve strategic decision-making processes, and increase industrial competitiveness. This study aims to comparatively analyse the financial performances of energy companies traded on the stock exchange in the 2018-2023 period. In this context, by using multi-criteria decision-making techniques in the study, the differences in the crisis period will be revealed by examining the performance changes on a yearly basis and it will be determined how the performance is affected by the structure of the companies. In the study, performance scores were obtained for 26 energy companies using multi-criteria decision-making techniques such as MOORA, MOOSRA VIKOR and TOPSIS methods, using 15 different financial performance measures, including profitability ratios, liquidity ratios, debt ratios and operating efficiency ratios.